Maxis to issue 300 million new shares to strengthen financial position

KUALA LUMPUR: Maxis Bhd is undertaking the issuance of 300 million new Maxis shares under a private placement to investors, which will be carried out via a book-building exercise today.

The company said in an announcement this afternoon that the equity fundraising exercise is expected to strengthen Maxis Group’s financial position and will give the company the flexibility to fund its future spectrum assignment fees and growth strategy.

"The precise terms and conditions for the placement shares will only be determined upon completion of the book-building exercise. We expect the private placement to be completed by the end of July 2017.

"Further announcements will be made upon conclusion of the book-building exercise later today," the company said.

Earlier this morning, Maxis requested a trading suspension of its shares and securities on the bourse, pending the above material announcement.